This paper reassesses the productivity of public capital in Japan by employing prefectural panel data from fiscal year 1975 to 2014. The study addresses key issues of non-stationarity and endogeneity in data, which have been overlooked in previous research. By applying the dynamic ordinary least...

Conventional wisdom dictates that a fiscal policy should be counter-cyclical. However, contrary to this conventional views, recent research has demonstrated that fiscal policy is actually procyclical in most developing countries. In this book, we attempt to propose a new interpretation of this...

This book is the first to shed light on the recent opinion of taxpayers on tax and fiscal policy in Japan through an attitude questionnaire. It is said that Japanese taxpayers’ tax morale is high. However, taxpayers in Japan are often described as having strong resistance to tax increases,...